The property is arranged over ground and basement of this mid-terrace property, which forms part of an established parade in the heart of Vauxhall.
The upper parts are accessed via their own independent entrance and comprise two residential apartments, which are sold off on long leases.
Location
Located in the heart of Vauxhall close to the KIA Oval. Vauxhall has been transformed with significant inward investmentsince 2012 with the creation of the Vauxhall, Nine Elms and Battersea (VNEB) opportunity area, one of Europe's largest and most ambitious regeneration schemes, which covers 561 acres.
VNEB aims to provide over 16,000 homes, two million plus sq ft of commercial space and significant amounts of public realm works with a pedestrianised green corridor linking Battersea Power Station to Vauxhall Cross. Connectivity throughout the area has been enhanced by the extension of the Northern Line from Kennington to Battersea via Nine Elms.
Vauxhall benefits from excellent transport links, with connectivity provided to Waterloo in 4 minutes (via National Rail), King's Cross St Pancras in 12 minutes (via Victoria Line) and Tottenham Court Road in 12 minutes (Via Northern Line), whihc provides access to Crossrail (Elizabeth Line).
Accommodation
The premises are arranged as follows:
Ground Floor – Retail – 702 sq ft (65 sq m)
Basement – Storage – 147 sq ft (14 sq m)
Total – 849 sq ft (79 sq m)
Terms
Tenure – The premises will be sold on a new 999 year lease at a peppercorn ground rent. The premises will be subject to the lease set out in the Tenancy Schedule
Title – The premises are held under Title No: TGL338679.
EPC – The premises has an EPC rating of ‘48’ which falls within Band ‘B’.
Rates – The premises are rated as shop and premises and have a rateable value of £17,250.
VAT – The premises are not elected for VAT.
Proposal – The vendors are seeking offer of £340,000 for the virtual freehold interest, reflecting a capital value of £400 per sq ft and a net initial yield of 6.03%.
Legal Costs – Each party to bear their own legal costs incurred in this transaction.
Specification
- Virtual freehold for sale
- Self-contained ground and basement unit forming part of a mid’-terraced retail parade
- Single let to William Hill Organization Limited (Co No. 00278208) at a passing rent of £21,275 per annum (£25.06 psf)
- Residential upper parts sold off on long leases
- The premises are not VAT elected
- The vendors are seeking offer of £340,000 for the virtual freehold interest, reflecting a capital value of £400 per sq ft and a net initial yield of 6.03%.